Shafaq News- Baghdad

Iraq’s Basrah Medium crude averaged $61.28 per barrel in January 2026, up from $60.90 in December, according to OPEC’s monthly report.

The OPEC reference basket also climbed to $62.28 per barrel in January, compared with $61.74 the previous month. Despite the monthly increase, prices remain well below the $77.98 per barrel annual average recorded in 2025.

In spot trading, Basrah Heavy closed at $62.53 per barrel, down 1.29% on the week, tracking broader declines in global benchmarks including Brent and US West Texas Intermediate.

Iraq, OPEC’s second-largest oil producer, exports roughly 70% of its crude to Asia, 20% to Europe, and 10% to the United States.